L&T Tax Advantage Fund
We had only two equity-linked savings schemes (ELSS). So, enter L&T Tax Advantage Fund , earlier known as Fidelity Tax Advantage Fund. L&T Investment Management Ltd has also turned around and it's time to put more money behind these fund houses. We bring three of L&T Investment Management's schemes in Mint50 this year.
L&T Tax Advantage Fund is an ELSS. It offers section 80C tax benefits up to Rs1.5 lakh and therefore comes with a 3-year lock-in. Fund manager Soumendra Nath Lahiri, who is also the fund house's chief investment officer, doesn't churn his portfolios frequently. Its portfolio turnover ratio is at a lowof 30-38%. L&T Tax Advantage Fund returned 18.62% and 22.41% in the last 5 and 3 years, respectively. Lahiri expects the economy to pick up and has invested accordingly, with high allocation to banks, construction projects, industrial products and the cement sector. "Government spending will continue in infrastructure areas where it is present like defence sector, roads and railways.
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